Facts and stats about Costa Rica

Costa Rica is a country in Central America bordered by Nicaragua and Panama, and the Pacific on one side, and the Caribbean on the other.

Before the Spanish arrived, the country had a meager population. Although the Spaniards arrived here earlier, it took them some time to establish a permanent stronghold in the country because of several critical factors including the abundance of pesky mosquitoes, fierce resistance by the natives, and piracy. In 1565, they were finally able to establish a settlement in the central parts of the country where valleys and plains helped the settlers grow valuable crops.

Upon its independence from Spain in 1821, the country suffered from chronic poverty and isolation. Today, however, the country is one of the most progressive countries in this part of the world. In 1948, Costa Rica abolished its armed forces, making the country one of a handful of countries without a standing army.

The country is ranked first when it comes to environmental sustainability. In fact, it is the only country in the world that meets all five criteria set by the United Nations to determine environmental competitiveness of the nations on the planet. It ranks first in the continent in the Environmental Performance Index, and the fifth in the world.

Costa Rica has the highest Human Development Index in Central America. According to the IMF, it is ranked higher than any other nation on the same development scale. While poverty is not exactly low at 23%, the Costa Ricans are identified by the Happy Planet Index as the happiest peoples in the world in 2009, and again in 2012.

Costa Rica ranked second for average rainfall in depth > mm per year amongst Christian countries in 2008.

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Costa Rica is a country in Central America bordered by Nicaragua and Panama, and the Pacific on one side, and the Caribbean on the other.

Before the Spanish arrived, the country had a meager population. Although the Spaniards arrived here earlier, it took them some time to establish a permanent stronghold in the country because of several critical factors including the abundance of pesky mosquitoes, fierce resistance by the natives, and piracy. In 1565, they were finally able to establish a settlement in the central parts of the country where valleys and plains helped the settlers grow valuable crops.

Upon its independence from Spain in 1821, the country suffered from chronic poverty and isolation. Today, however, the country is one of the most progressive countries in this part of the world. In 1948, Costa Rica abolished its armed forces, making the country one of a handful of countries without a standing army.

The country is ranked first when it comes to environmental sustainability. In fact, it is the only country in the world that meets all five criteria set by the United Nations to determine environmental competitiveness of the nations on the planet. It ranks first in the continent in the Environmental Performance Index, and the fifth in the world.

Costa Rica has the highest Human Development Index in Central America. According to the IMF, it is ranked higher than any other nation on the same development scale. While poverty is not exactly low at 23%, the Costa Ricans are identified by the Happy Planet Index as the happiest peoples in the world in 2009, and again in 2012.

Posted on 06 Apr 2014

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Newly elected Costa Rican President Luis Guillermo Solis admitted that fiscal deficit threatens the economy. It is necessary for the government to address these issues immediately. President Solis is also working to assure foreign investors specifically Bank of America Corporation and Intel Corporation that everything is stable in Costa Rica. The two foreign multinationals declared that it will cut approximately 3,000 jobs this year since it will be consolidating operations somewhere else.

According to foreign news outlets, economic analysts say that the $45 billion deficit will expand to six percent of the GDP in 2014 from 5.4 percent of last year. The only bright note is that the country’s economy grew by 3.1 percent in 2013 which is greater than the 2.4 percent average for 10 other Latin American countries. The President expects the economy to spread out by another five percent in 2015. The new President does not have a majority in the Assembly which makes it difficult for him to adopt remedial fiscal measures.

Nonetheless, Costa Rica is described by the World Bank as a success story in several aspects. The nation, which used to be an upper middle-income nation, has seen balanced economic growth during the past two decades. It is traced to the export-oriented development, foreign investments and ongoing trade liberalization. In fact, Costa Rica listed a GDP rate of 3.4 percent last year with a projected increase of 4.3 percent within the next few years. This will be impelled by domestic consumption and local investments. Some of the challenges facing the new government include the need to become more competitive and create a feeling of confidence among entrepreneurs. Costa Rica maintains economic relations with the United States and EU countries. It is also forging ties with Asian nations particularly China.